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INCOME TO OUTCOME: INVESTING IN RETIREMENT

Sponsored by PIMCO

One of the most important goals for investors facing retirement is the comfort of knowing that they can sustain their desired level of spending throughout their lives, without the fear of running out of money. PIMCO's retirement framework seeks to provide advisors and investors a simple way to approach retirement investing and aims to address the desire for both predictable income and long term growth — without giving up control or the ability to change course. PIMCO's Retirement Income Analysis tool allows advisors to implement a framework and create personalized retirement income plans for clients nearing or in retirement.

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Articles and White Papers

THE EVOLVING NEEDS OF AFFLUENT AND AGING CLIENT SETS  

From Investments & Wealth Research

Affluent investors, high-net-worth (HNW) investors, and ultra high-net-worth (UHNW) households have grown their share of investor assets steadily over the past decade. Simultaneously, the industry is being forced to evolve as large shares of both its client base and advisors are aging. Advisors seeking to address the challenges and opportunities that come with these developments must exercise self-awareness and thoughtful long-term planning.

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FINANCIAL ADVISOR FEE TRENDS AND THE FEE COMPRESSION MIRAGE  

From the Investments & Wealth Monitor

Research on financial advisor pricing models has provided insights into how much advisors are charging and the types of pricing options offered.

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THE FUTURE OF WEALTH MANAGEMENT 

From the Investments & Wealth Monitor

Wealth advisors will need to anticipate changes and adapt their practices to respond to the every-changing wealth management landscape and meet clients’ goals.

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SUSTAINABILITY AND SUCCESSION: FOUNDATION OF A POWERFUL ENTERPRISE  

From the Investments & Wealth Monitor

Succession planning is about building a sustainable enterprise and a stronger, investable business structure.

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ERGODICITY ECONOMICS IN PLAIN ENGLISH

From the Retirement Management Journal

Ergodicity economics (EE) applies a modern mathematical formalization to familiar financial concepts to reveal implications and consequences that were previously unseen.

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GUARANTEED INCOME: A LICENSE TO SPEND   

Research of Interest

This research explores how the composition of retirement assets is related to retirement spending and finds that retirees who hold a higher percentage of their wealth in guaranteed income spend more than retirees whose wealth consists primarily of non-annuitized assets.

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ODDS ARE RETIREES DON'T CARE ABOUT THE ODDS 

From the Retirement Management Journal

Monte Carlo is wildly inaccurate in its predictions of how long a retiree’s savings are likely to last and employs a methodology that is the opposite of what retirees want. Eliminating it from conversations should lead to safer, simpler, and more-personalized retirement-income portfolios for investors and help advisors create a brand of original thinking.

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UNDERSTANDING THE TRUE COST OF HEALTH CARE IN RETIREMENT 

From the Retirement Management Journal

Perhaps the greatest worry for those in, or near, retirement is whether they will be able to afford rising healthcare costs, particularly unplanned out-of-pocket expenses. Retirees’ concerns around health care are not without merit, yet a closer look reveals a different picture.

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SMALLER, BIGGER, AND BETTER TRENDS IN THE BUSINESS OF FINANCIAL ADVICE

From the Investments & Wealth Monitor

Different types of firms appeal to different types of advisors and different types of investors. Firms need to be clear about the types of clients they wish to serve.

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RETIREMENT POLICY STATEMENTS: A CONCRETE PLAN FOR RETIREMENT

2021 IWI Writing Award: Honorable Distinction, from the Investments & Wealth Monitor

As a client heads into retirement, a variety of factors are at play. Dreams and personal goals may still be taking shape, contingent upon income from a variety of sources, possibly including “re-careering” or part-time employment. Longevity, however, is the greatest unknown. A retirement policy statement is an actionable document that provides a client with the comfort of a concrete plan for retirement.

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RETIREMENT RISKS: VITAL ISSUES FOR THE POST-RETIREMENT PERIOD

From the Investments & Wealth Monitor

Advisors help their clients plan for a successful retirement. Each person is different and everyone faces financial and other uncertainties in retirement. The Society of Actuaries sponsors an extensive program of research on post-retirement risks. This research is important for advisors and individuals because it identifies gaps in knowledge about the challenges of retirement, it helps us to understand what people think and how they act, and it explores many issues not usually addressed in retirement research.

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THE BENEFIT OF DIVERSIFIED GUARANTEED INCOME FOR RETIREES: COMBINING IMMEDIATE FIXED AND IMMEDIATE VARIABLE ANNUITIES

From the Retirement Management Journal

This paper explores the potential benefits of developing retirement income that considers both immediate fixed annuities (IFA) and immediate variable annuities (IVA) using a stochastic utility model combined with a scenario framework.

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Institute Blog: Investment Sense

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Professional Development

INSTITUTE PROFILES:

Ashok S. Ramji, RMA®, CFP®, CDFA®, CHFC®, CLU®, RICP®

"There’s more confidence post-RMA® certification. It helps the clients, it helps me. The RMA® curriculum provides a framework for looking at things truly across the silos.”

Read Ashok's Story





Institute Announcements

  • The Institute and Association of Professional Fund Investors Form Strategic Alliance

    3 days ago
    CIMA® Certification recognized as global standard for fund allocators. Two associations for investment practitioners who are committed to competent and ethical practice of investment management analysis and fund allocation have formed a multi-year strategic alliance to raise the bar of professionalism ...

  • BeFi Barometer 2021: Advisors Witness Increase in Behavioral Biases Among Clients Amidst Pandemic

    13 days ago
    In a year characterized by ongoing uncertainty from the COVID-19 pandemic and heightened retail investor interest in the markets, financial advisors reported a surge in behavioral biases among clients, according to the BeFi Barometer 2021. This is the third year of the survey commissioned by Schwab Asset ...

  • Industry Leaders Assemble Together to Educate Advisors on the Benefits of Behavioral Finance

    20 days ago
    For the third year in a row the Institute is proud to celebrate Behavioral Finance (BeFi) Week, October 4-10, 2021. In a time of unprecedented social and economic uncertainty, more financial advisors are using behavioral finance techniques to help clients stay focused on their long-term goals. The ...

Institute Events


Online Education and Podcasts

REDEFINING RETIREMENT  

On-Demand Recording

How do you redefine retirement so it provides a continued life of fulfillment? How do you live a balanced life in retirement when you discover that golf and grandkids aren't enough? How do you determine the difference between pleasures and fulfillment? Advisors continually face the complexities of clients' financial issues, but more often are expected to be a counselor and offer non-financial advice. This session offers a deeper understanding of the issues facing your clients.

1 Hour of CE Credit.

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BEHAVIORAL FINANCE THROUGH A PANDEMIC LIFECYCLE W/ OMAR AGUILAR, PH.D.

Exceptional Advisor Podcast

Robert Powell, the editor of Retirement Daily at The Street, interviews Omar Aguilar, Ph.D., Managing Director and Chief Investment Officer, Head of Investments at Schwab Asset Management, on the results from the 2021 BeFi Barometer. This episode offers best practices for applying behavioral finance as a means to potentially improve client financial outcomes.

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AN AGING WORLD: CHALLENGES AND OPPORTUNITIES FOR FINANCIAL ADVISORS 

On-Demand Recording

Life expectancy is increasing, along with the growing role and financial impact of women as caretakers. Women continue to become more significant contributors to our nation's wealth and intellectual capital, but 66% of women are also primary caretakers for aging family members, often taking the off-ramp from careers to embrace a full-time caregiver role. In this fast-paced session, participants will examine the findings of recent studies on health in retirement, women and finances, and caregiving insight into trends associated with an aging population. Additionally, participants will discuss ways to convert takeaways into fruitful, results-driven financial planning conversations.

1 Hour of CE Credit.

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BAKING BEHAVIORAL FINANCE INTO THE ADVISORY PRACTICE W/ DANIEL CROSBY, PH.D. 

Exceptional Advisor Podcast

Robert Powell, the editor of Retirement Daily at The Street, interviews Daniel Crosby, Ph.D., Chief Behavioral Officer, Orion Advisor Solutions, on his vision for the future of behavioral finance and why it should be "baked into" the advisory practice. This episode also explores "why you're not that great," the biggest impediments to sound investment-decision making, and the specific types of biases that impact decision-making.

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THE WELL-TEMPERED RETIREE: FINE-TUNING INVESTOR BEHAVIORS IN RETIREMENT  

On-Demand Recording

Investors transitioning to retirement face a decumulation dilemma: Uncertainty surrounding health, longevity and market risks make financial planning for retirement incredibly complex. Moreover, challenges which block investors from optimal decision-making and prevent attaining goals are often linked to errors in human behavior. Using evidence from our recent behavioral science study, part one of this session will cover what we have learned about mitigating negative influences from overconfidence and loss aversion biases. Part two will cover some of the “supposedly irrelevant factors” which, while largely ignored by economic models of retirement income, have a strong influence on investors' decision-making.

1.5 Hours of CE Credit.

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WHAT WE LEARN FROM LOSS W/ RABBI STEVE LEDER 

Exceptional Advisor Podcast

Robert Powell, the editor of Retirement Daily at The Street, interviews Rabbi Steve Leder, senior rabbi of Wilshire Boulevard Temple in Los Angeles, on his new book, The Beauty of What Remains; How Our Greatest Fear Becomes Our Greatest Gift. This episode explores what can be learned from loss and some important questions around the tough topic of death—grief, legacy, and the beauty of what remains.

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LIFE HAPPENS, PLANS CHANGE: THE IMPORTANCE OF TRANSITIONAL PLANNING W/ SUSAN BRADLEY, CFP® , CEFT®  AND ROSS MARINO, CFP® , CEFT® 

Exceptional Advisor Podcast

Robert Powell, the editor of Retirement Daily at The Street, interviews Susan Bradley, CFP® , CeFT® , and Ross Marino, CFP® , CeFT® , on their new book Shaping Change: How To Respond When Life Disrupts Your Retirement Plan. This episode explores transition planning and how advisors can better serve clients when life takes unexpected turns.

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HOW AND WHEN TO USE COMMISSION-FREE ANNUITIES IN A HOLISTIC FINANCIAL PLAN 

On-Demand Recording

Annuities are changing. Once known primarily for complexity and high-cost, annuities have evolved into a powerful tool within the financial plan, delivering value to advisors and clients, alike. During this session, attendees will learn the types of commission-free annuities, their potential role in a holistic financial plan, how to find the right annuity to meet client specific needs (Retirement income, asset protection, tax-deferred growth and legacy) and how advisors are billing on no-load products.

1 Hour of CE Credit.

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ADVANCED ADVISOR EDUCATION WORKSHOP: RETIREMENT INCOME STRATEGIES 

On-Demand Recording

Sponsored by PIMCO

This workshop is for financial advisors and wealth managers who work with clients approaching or in retirement and will focus more specifically on the decumulation phase of retirement planning. Advisors will learn concepts and techniques taught in the Retirement Management Advisor® (RMA®) program, review results from recent surveys of investor behavior in retirement, and explore decumulation-oriented planning approaches.  Attendees will learn to identify and analyze challenges retirees face and understand how to develop specific strategies to create retirement income, maximize growth, and address risks. PIMCO’s Income to Outcome framework and new digital tool, Retirement Income Analysis, will also be showcased.

2 Hours of CE Credit.

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